muses of the moment

May 1, 2012

Alf Fields

Filed under: Gold and Silver Investing, Precious metals — Tags: — totallygroovygirlfriday @ 10:53 am

A note from Alf Fields to Jim Sinclair:

Gold has Bottomed, Alf Fields

Elliott Wave Gold Update: In the article “What Happened to Gold” dated 1 March 2012, the “other possibilities” mentioned in the event of gold dropping below $1650 related firstly to the 61.8% retracement of the prior rise. The prior rise was from $1523 to $1792, so the 61.8% retracement was $1626. There was a further possibility of the retracement being 2/3 of the prior rise, also a Fibonacci relationship. That produced a figure of $1612. The first number $1626 did provide some support to the market but the absolute low was $1612.8 on 4 April 2012. This low came at the culmination of a double zig-zag correction, which adds to the validity of that low. The odds now suggest that the gold correction bottomed at $1612.8 on 4 April 2012 and that the gold market is in the early stages of a sharp upward move.

Apr 28, 2012
Alf Field

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3 Comments »

  1. If one subscribes to the belief that the Feds/Treasury/TBTF bullion banks are manipulating the markets then what applicability does Elliot Wave theory have anymore?

    Comment by merk — May 1, 2012 @ 3:30 pm

  2. Merk,

    That’s a good question. I can only refer to history. In the 70-80’s, the powers that be were interfering in the markets, to the point of taking the dollar off gold completely and yet Elliott Wave Theory proved extremely accurate during that time calling the gold price and a top in gold.

    gg

    Comment by totallygroovygirlfriday — May 1, 2012 @ 3:44 pm

  3. Merk,

    When I readGG’s headline I said to myself “Let the manipulation begin!”.

    Fundamentals no longer apply. Everything is rigged and it won’t implode until almost everyone knows it. Just buy and hold… Buy and hold and wait it out.

    Armstrong says 2015. That seems about right.

    Mm

    Comment by mikePhila — May 1, 2012 @ 9:30 pm


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